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USD: Why rates are low, and only few banks offer USD accounts ?
December 17, 2022
5:46 pm
HermanH
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State Bank of India still offering 5.6% for 1-yr
https://ca.statebank/gic

December 19, 2022
5:11 am
lhsaid
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HermanH said
State Bank of India still offering 5.6% for 1-yr
https://ca.statebank/gic  

I don't see how to get this offer. They don't offer USD Saving accounts. Maybe the only option is to open a CAD saving account and do the currency conversion. This could be the catch.

December 19, 2022
10:57 am
HermanH
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I think that you are correct, that they do not offer USD savings accounts. However, they do offer CAD and USD chequing accounts.

https://ca.statebank/chequing

December 19, 2022
11:05 am
seh
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USD savings accounts also available. Min. monthly balance of $2,500 required to avoid the high ($12) monthly account fee.

December 19, 2022
11:13 am
HermanH
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At least the chequing fee is only $4/month.

December 23, 2022
10:48 am
Fritz23
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If you open the chequing/saving account online, they waive the service fee for the first 12 months

December 23, 2022
10:52 am
Fritz23
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CW Bank is offering USD accounts, USD GICs as well as some pretty interesting products based on the USD-prime rate, like 31-/93 Days USD Flex Notice Accounts.

December 23, 2022
12:23 pm
Doug
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Many credit unions will offer a non-interest bearing chequing account with no monthly fee and no minimum balance, along with at least 1-2 free chargeable debit transactions per (internal transfers between one's own accounts are almost always considered non-chargeable debit transactions). A couple examples include Coast Capital Savings and First West. I may end up maintaining my Coast USD chequing account only, along with my membership share, and use it strictly as a temporary flow-through account to a Scotia iTRADE USD ISA. Scotia iTRADE Series F ISAs pay ~4.00%.

Cheers,
Doug

January 11, 2023
10:47 am
butterflycharm
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Tangerine offers 5% till April 30th for up to $1M USD.
Usually, only offers of 1% or less for USD is found. This is an anomaly.

January 11, 2023
12:11 pm
HermanH
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SBICanada is still offering 1-yr USD at 5.6%

January 11, 2023
12:43 pm
butterflycharm
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HermanH said
SBICanada is still offering 1-yr USD at 5.6%  

Interesting that their USD is 5.6% for 1-year but CAD is 5%. But more than 1 year then it reverses. So for one year they deal more with USD or expect USD to not go lower than CAD?! What could this mean?

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